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Important Updates to Trusts: Reporting Obligations, Receipt Requirements and Amendments

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Trusts are widely used in South Africa for estate planning, business succession planning, and asset protection. However, the latest changes in the law may have a significant impact on trust structures and how they are managed. There have been some important practical developments regarding trusts, which trustees and beneficiaries should be aware of. In this…

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Eskom Debt Relief: A R254 Billion Lifeline

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Finance Minister Enoch Godongwana announced on Wednesday 22 February 2023, that Eskom will receive R254 billion in debt relief over the next three years from the Treasury. The announcement was made during his budget speech to parliament in the midst of South African enduring ongoing high levels of load-shedding. The proposed debt relief is nearly…

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In a Nutshell: The 2022 Mid-term Budget Speech

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The 2022 Mid-term Budget Policy Statement speech delivered by Finance Minister Enoch Godongwana was pro-growth on the economic front, supporting service delivery while firmly sticking to critical fiscal consolidation in the context of the current highly uncertain economic environment. Although there are implementation risks around the public sector wage bill, debt to GDP has stabilised…

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8 Lesser-Known Tax Deductible Expenses

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The South African Revenue Service (SARS) has designated tax deductibles for businesses, some lesser-known ones are particularly important for small to medium and freelance businesses to be aware of. All business operating in South Africa are required to pay tax to the South African Revenue Service (SARS). While there are many taxes to pay, there…

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SARS auto-assessments

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How does auto-assessments work? It is an automatic assessment issued by SARS to taxpayers whose tax affairs are less complicated. SARS will use data received from employers, medical schemes, banks, retirement annuity funds and others. That data will be used to calculate and generate your income tax assessment, with no input form the taxpayer. The…

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The CA’s role in a changing corporate world.

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The Covid-19 pandemic has changed the way businesses operate and the types of skills and professions that are needed in the future. With so much change and sometimes uncertainty, one could ask: is there still a demand for professions such as chartered accountants? What does it mean to be a Chartered Accountant? Also known as…

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The ‘No Fireworks’ Budget Speech Of 2022

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Finance Minister Enoch Godongwana’s maiden Budget Speech of 2022 was themed “keeping money in the pockets of South Africans”. In essence, the budget speech boils down to making good use of small gains. Treasury has done what it can to create an environment conducive to returning business confidence and investment, and the Cabinet is hoping…

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Accountant vs Bookkeeper: What does my business need?

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As a business owner starting an enterprise, you tend to manage all aspects of your new venture, including the finances. But as the company grows, you find yourself in need of assistance with various accounting tasks. Employing the services of a financial professional for your company is vital; however, do you need an accountant or…

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The value of choosing a knowledgeable tax consultation partner

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Having to contend with complicated tax paperwork is not what most business owners would describe as their favourite pastime. However, getting your tax submissions done correctly and efficiently by a tax consultation partner can significantly impact your company’s success. Rather than neglecting this aspect, businesses will greatly benefit from appointing a competent and expert tax…

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